Twitter slows hiring, to hold shareholder vote on Elon Musk offer in September

The company's plan comes as Tesla chief Elon Musk prepares for a legal showdown for walking away from his offer to buy Twitter. PHOTO: REUTERS

NEW YORK (REUTERS) - Twitter said on Tuesday (July 26) it would hold a shareholder meeting on Sept 13 to vote on the proposed US$44 billion (S$61 billion) takeover offer by Tesla chief Elon Musk.

The plan, which was disclosed in a filing, comes as the world's richest person prepares for a legal showdown with Twitter in October for walking away from his offer to buy the social media company.

Separately, the company disclosed that in a move to cut costs, it had significantly slowed hiring in the second quarter and was being more selective with filling roles.

In May, Twitter chief executive Parag Agrawal had told employees the social media firm would pause most hiring and review all existing job offers.

If the buyout deal is completed, Twitter shareholders will be entitled to receive US$54.20 in cash for each common share they own, the company said, adding that its board was strongly in favour of the takeover.

At the meeting, shareholders will be asked to vote on a proposal to approve the compensation that may be payable by Twitter to certain executive officers in connection with the buyout, Twitter said in a filing.

Join ST's Telegram channel and get the latest breaking news delivered to you.